Key takeaways
- After a rough 2022, the prices of most cryptocurrency coins have gone up in 2023 as the market attempts to rebound from the collapse of Luna and the FTX implosion.
- Lawyers for the failed crypto exchange FTX announced that they had recovered over $5 billion in crypto and cash assets that could be used to repay creditors.
- With inflation cooling down from 7.1%in November to 6.5% in December, this provides optimism that the Fed will slow down with the monetary tightening, which would bring more investors back to riskier assets like digital currencies. The cooling inflation figures contributed to bitcoin temporarily jumping above $19,000.
After a turbulent year in the cryptocurrency space, it looks like the prices of some of the bigger coins are finally showing signs of recovery in 2023. Experts estimate that about $1.4 trillion was erased from the crypto space in 2022. With the collapse of Luna and the FTX implosion, there were concerns that we could be in for a long crypto winter.
In an interesting turn of events, crypto prices have gone up after FTX lawyers announced that they had found about $5 billion in liquid assets that could be used to repay customers. Then the inflation data came out on Thursday that showed signs of retreat, leading many to believe that the Fed would slow down their pace of rate hikes.
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